Wednesday, September 12, 2007
Congress Believes Charitable Work Does Good!
An article by Suzanne Perry notes that house bill 2669 has been proposed to provide student loan forgiveness for persons who work in a “public service” job. The proposed bill would allow a person to erase their loan balances after ten years of consistent payments if they have worked during that time in “public service.”
The bill is a victory for non-profit groups and associations that were lobbying Congress to include non-profit workers in the loan-forgiveness program, as the original Senate version of the bill did not include them.
It is unclear whether the requirements are that the person be enlisted in a job that meets the “public service” criteria for the entire ten-year period. Also, the bill would not apply to any periods of public service occurring prior to October 2007, as the calculation for loan forgiveness is based on payments made for ten years, starting October 2007.